This week the London Metal Exchange and several Wall Street banks saw an aluminum price lawsuit by purchasers thrown out by a Federal Judge in New York.
US District Judge Katherine Forrest in Manhattan rejected claims brought by aluminum purchasers against several defendants including Goldman Sachs Group Inc., JPMorgan Chase & Co., Glencore Plc, and Hong Kong Exchanges and Clearing Ltd., which owns the London Metal Exchange.
Forrest said she will issue a decision later involving other defendants, including Detroit-based warehouse operator Metro International, which Goldman once owned.
The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 1.8% increase to INR 112.80 ($1.81) per kilogram. This comes on the heels of a 1.6% decline the week prior. The primary aluminum cash price rose 0.1% on the LME to $1,786 per metric ton after falling 0.8% during the previous week. The aluminum 3-month price rose 0.1% on the LME to $1,803 per metric ton after falling 1.0% during the previous week.
Chinese aluminum prices were mixed for the week. Chinese aluminum billet fell 0.8% over the past week to CNY 12,840 ($2,047) per metric ton. With a 0.6% decrease, the Chinese aluminum cash price closed the week at CNY 12,830 ($2,045) per metric ton. The price of Chinese aluminum bar declined 0.6% over the past week, settling at CNY 13,620 ($2,171) per metric ton.
European 5083 plate prices were off slightly at EUR 2,865 ($3,198) per metric ton, down from EUR 2,897 ($3,293) a week ago. Following a 0.8% increase, Korean 1050 aluminum sheet finished the week at KRW 3,816 ($3.46) per kilogram. The price of Korean 3003 coil premium over 1050 sheet increased by a slight 0.5% over the past week to KRW 3,866 ($3.51) per kilogram. Closing at KRW 4,016 ($3.65) per kilogram for the week, Korean 5052 coil premium over 1050 sheet rose by a slight 0.5%.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.